@FluentInFinance@mastodon.social Anthropic had to use non-GAAP's to achieve a $559M Q2 profit (they exclude stock compensation and if you include it they are no longer profitable). Additionally they have billions of upcoming, and recurring, expenses that haven't hit yet. JP Morgan had $21.2B in Q2 profit (which includes elements that meet GAAP and elements that are non-GAAP), which does include about $4.3B in one time cash inflows. Yep, it makes total sense that Anthropic is valued higher /s